The bulk of the assets being acquired by CRH are in Europe, but they also include a cement plant in the Philippines. The Irish Times report that the company’s revenues will rise from about €19 billion to more than €24 billion, while earnings will increase from €1.6 billion to €2.4 billion.
The divestments remain subject to the completion of the merger, including a successful public exchange offering to Lafarge's shareholders and approval by Holcim's shareholders.
If completed later this year, the merger will create a new entity, LafargeHolcim, which will become the biggest building materials group in the world, with annual revenues of around €37 billion.
Meanwhile, current CRH group finance director Maeve Carton will lead a new strategic group function within the business, starting on 1 January 2016.
As group transformation director, Carton will identify and implement the optimum financial and business model for the group in the years ahead. In this new role, Carton will drive improved shareholder returns by identifying further synergies, efficiencies and cash generation opportunities as CRH continues to grow and acquire new businesses. She will report to, and work closely with group chief executive Albert Manifold and will continue to contribute directly to the Board as an Executive Director.
A search will shortly commence to appoint a new finance director for the group and it is envisaged that this process will be completed by year end. Carton will continue as finance director until her replacement has been appointed, supporting an effective transition process.
Group chief executive Albert Manifold said: “This is a key role for the future of CRH at a time of change. Maeve’s experience and insight into the structures and operations of CRH are invaluable at this time of transformation.”
Carton said: “This is a challenging opportunity for me at a very exciting time for CRH and I look forward to taking on this new role.”
